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Problems in Sochi?

NEWS STORY
20/07/2015

Weeks after dismissing claims of bankruptcy, Russian GP bosses are again on the defensive.

In June, the promoter of the Russian Grand Prix, Omega, which is owned by the Krasnodar Krai region, issued a statement in response to claims in the Russian media that Formula Sochi was bankrupt.

Formula Sochi was established for the promotion, organization and staging of sporting events, including the promotion of the Russian Grand Prix, in October 2011.

In March 2013, Omega began to promote and organize the Grand Prix on its own and in August of the following year, Formula Sochi was liquidated in accordance with the instruction of the Head of Administration of Krasnodar Krai.

"This decision was made for the purposes of the complex implementation of the Formula 1 project and minimization of the total expenses for the Russian Grand Prix, since OJSC "Center "Omega" has been in charge of the construction of Sochi Autodrom and has been the holder of the race staging contract, it also has had the personnel and the finances required," read the statement.

"The successful staging of the first Formula One World Championship round in Russian history, organized by the OJSC "Center "Omega", which has received the FOM award as the best round of the season at the FIA General Assembly, and the effective commercial usage of the Sochi Autodrom have proven the efficiency of such decision.

"The second Grand Prix will take place at Sochi Autodrom from 9 to 11 October, 2015. The preparations to the Russian GP are well under way."

Nonetheless, the speculation has continued with claims that the local government has not provided the funding.

"There is an agreement with the Minister of Finances that we will get a loan from the State budget," declared acting governor Veniamin Kondratiev, according to Motorsport.com. "Speaking about the loan, if there will be one… Formula 1 will take place. If there is no loan… no Formula 1."

However, promoter Sergey Vorobyev is confident there is nothing to worry about.

"I'm not responsible for commenting on this," he said in reaction to Kondratiev's claim, adding: "Our target is to cover operational costs with income we will get from the race itself, not including (FOM) payments. I'm sure, that the target of operational break-even of the event will be achieved.

"I am sure that the Russian GP will take place in Sochi in 2015 and in upcoming years," he added. "All preparation works for the race is going ahead and nothing has changed."

All this doubt after just one year.

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READERS COMMENTS

 

1. Posted by petes, 21/07/2015 6:11

"It won't fail, much as I'd like to see that happen.
Too much loss of face for Poohtin...."

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2. Posted by White Lightning, 20/07/2015 9:38

"Little else in the sport would make me laugh as much as the failure of the Russian GP. Except perhaps for the failure of the Azerbaijan Grand Prix. "

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